{"id":208579,"date":"2026-10-06T18:30:00","date_gmt":"2026-10-06T09:30:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208579"},"modified":"2026-09-25T19:37:28","modified_gmt":"2026-09-25T10:37:28","slug":"dividend-extension","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/dividend-extension\/","title":{"rendered":"\u7b2c71\u56de \u914d\u5f53\u304c\u3042\u308b\u8cc7\u7523\u3078\u306e\u62e1\u5f35 \u2015 \u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a\u3092\u5165\u308c\u308b"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c7\u90e8 \u7b2c71\u56de \/ \u524d\u63d0: \u7b2c16\u56de\u3001\u7b2c49\u56de\u3001\u7b2c70\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u9023\u7d9a\u914d\u5f53\u306e\u3042\u308b\u682a\u3084\u682a\u4fa1\u6307\u6570\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u3092\u8a08\u7b97\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u914d\u5f53\u3092\u7121\u8996\u3059\u308b\u3068\u4fa1\u683c\u304c\u305a\u308c\u308b<\/h2>\n\n\n\n

\u300c\u3053\u306e\u682a\u4fa1\u6307\u6570\u306e\u30b3\u30fc\u30eb\u3001\u7406\u8ad6\u5024\u3092\u51fa\u3057\u3066\u307f\u305f\u3093\u3060\u3051\u3069\u3001\u753b\u9762\u306b\u51fa\u3066\u3044\u308b\u5024\u6bb5\u3068\u5168\u7136\u5408\u308f\u306a\u3044\u300d\u3002\u540c\u50da\u306b\u305d\u3046\u8a71\u3057\u304b\u3051\u308b\u3068\u3001\u76f8\u624b\u306f\u753b\u9762\u3092\u4e00\u77a5\u3057\u3066\u8a00\u3044\u307e\u3057\u305f\u3002\u300c\u914d\u5f53\u3001\u5165\u308c\u305f\uff1f\u300d<\/p>\n\n\n\n

\u5165\u308c\u3066\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u914d\u5f53\u5229\u56de\u308a\u306f\u5e743\u30d1\u30fc\u30bb\u30f3\u30c8\u307b\u3069\u3002\u5927\u3057\u305f\u6570\u5b57\u3067\u306f\u306a\u3044\u3068\u601d\u3063\u3066\u3044\u305f\u306e\u306b\u3001\u7d50\u679c\u306f\u5927\u9055\u3044\u3067\u3059\u3002\u914d\u5f53\u3092\u7121\u8996\u3057\u3066\u8a08\u7b97\u3057\u305f\u30b3\u30fc\u30eb\u306e\u5024\u6bb5\u306f\u7d0410.45\u3002\u6b63\u3057\u3044\u5024\u6bb5\u306f\u7d048.65\u3002\u5dee\u306f1.80\u8fd1\u304f\u3082\u3042\u308a\u307e\u3059\u3002\u30d7\u30c3\u30c8\u306f\u9006\u3067\u3001\u7121\u8996\u3059\u308b\u3068\u7d045.57\u306e\u3068\u3053\u308d\u3001\u6b63\u3057\u304f\u306f\u7d046.73\u3067\u3059\u30021\u5186\u4ee5\u4e0a\u305a\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u306a\u305c\u3053\u3093\u306a\u306b\u52d5\u304f\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6301\u3061\u4e3b\u306f\u3001\u682a\u3092\u76f4\u63a5\u6301\u3063\u3066\u3044\u306a\u3044\u306e\u3067\u914d\u5f53\u3092\u3082\u3089\u3048\u307e\u305b\u3093\u3002\u30b3\u30fc\u30eb\u3092\u8cb7\u3046\u4eba\u306f\u300c\u5c06\u6765\u305d\u306e\u682a\u3092\u8cb7\u3046\u6a29\u5229\u300d\u3092\u6301\u3063\u3066\u3044\u308b\u3060\u3051\u3067\u3059\u3002\u682a\u3092\u6301\u3063\u3066\u3044\u308b\u4eba\u306f\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u304c\u3001\u30b3\u30fc\u30eb\u306e\u6301\u3061\u4e3b\u306b\u306f\u4f55\u3082\u5165\u3063\u3066\u304d\u307e\u305b\u3093\u3002\u914d\u5f53\u306e\u5206\u3060\u3051\u3001\u682a\u3092\u6301\u3064\u3053\u3068\u306e\u5229\u70b9\u304c\u30b3\u30fc\u30eb\u306b\u53cd\u6620\u3055\u308c\u306a\u3044\u306e\u3067\u3059\u3002\u305d\u306e\u5dee\u306f\u682a\u4fa1\u304c\u4e0b\u304c\u308b\u65b9\u5411\u306b\u52b9\u304d\u307e\u3059\u3002\u3060\u304b\u3089\u30b3\u30fc\u30eb\u306f\u5b89\u304f\u306a\u308a\u3001\u30d7\u30c3\u30c8\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u540c\u50da\u306f\u3053\u3046\u7d9a\u3051\u307e\u3057\u305f\u3002\u300c\u3057\u304b\u3082\u3001\u914d\u5f53\u304c\u5927\u304d\u3044\u3068\u3001\u3082\u3063\u3068\u9762\u5012\u306a\u3053\u3068\u304c\u8d77\u304d\u308b\u3002\u6e80\u671f\u306e\u76f4\u524d\u306b\u914d\u5f53\u304c\u51fa\u308b\u3068\u3001\u65e9\u3081\u306b\u6a29\u5229\u3092\u4f7f\u3063\u305f\u65b9\u304c\u5f97\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308b\u300d\u3002\u914d\u5f53\u5229\u56de\u308a8\u30d1\u30fc\u30bb\u30f3\u30c8\u306e\u682a\u3092\u60f3\u5b9a\u3059\u308b\u3068\u3001\u6e80\u671f\u306e\u76f4\u524d\u3067\u30b3\u30fc\u30eb\u3092\u6301\u3061\u7d9a\u3051\u305f\u5834\u5408\u306e\u4fa1\u5024\u306f\u7d049.96\u306b\u3057\u304b\u306a\u308a\u307e\u305b\u3093\u3002\u3059\u3050\u884c\u4f7f\u3059\u308c\u307010\u3092\u624b\u306b\u3067\u304d\u307e\u3059\u3002\u914d\u5f53\u304c\u682a\u306e\u4fa1\u5024\u3092\u524a\u3063\u3066\u3044\u304f\u306e\u3067\u3001\u5f85\u3064\u3088\u308a\u884c\u4f7f\u3057\u305f\u65b9\u304c\u307e\u3057\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

\u914d\u5f53\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5024\u6bb5\u3092\u7cfb\u7d71\u7684\u306b\u305a\u3089\u3057\u307e\u3059\u3002\u3053\u306e\u56de\u3067\u306f\u3001\u305d\u306e\u305a\u308c\u3092\u6b63\u78ba\u306b\u6349\u3048\u308b\u5f0f\u3092\u7d44\u307f\u7acb\u3066\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 \u914d\u5f53\u304c\u51fa\u308b\u8cc7\u7523\u306f\u3069\u3046\u6271\u3046\u304b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u9023\u7d9a\u914d\u5f53\u306e\u3042\u308b\u682a\u3084\u682a\u4fa1\u6307\u6570\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u3092\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u7b2c70\u56de\u307e\u3067\u3001\u539f\u8cc7\u7523\u306f\u914d\u5f53\u3092\u51fa\u3055\u306a\u3044\u3082\u306e\u3068\u3057\u3066\u6271\u3063\u3066\u304d\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u73fe\u5b9f\u306b\u306f\u682a\u306f\u914d\u5f53\u3092\u51fa\u3057\u3001\u305d\u306e\u305f\u3073\u306b\u682a\u4fa1\u306f\u4e0b\u304c\u308a\u307e\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6301\u3061\u4e3b\u306f\u539f\u8cc7\u7523\u3092\u76f4\u63a5\u4fdd\u6709\u3057\u3066\u3044\u306a\u3044\u306e\u3067\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308c\u307e\u305b\u3093\u3002\u3053\u306e\u975e\u5bfe\u79f0\u6027\u304c\u4fa1\u683c\u306b\u5f71\u97ff\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u4eca\u56de\u306f\u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a<\/strong>\u3092\u5c0e\u5165\u3057\u30013\u3064\u306e\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002\u539f\u8cc7\u7523\u3092\u914d\u5f53\u5229\u56de\u308a\u3067\u5272\u308a\u5f15\u304f\u3060\u3051\u3067\u4fa1\u683c\u5f0f\u304c\u5f97\u3089\u308c\u308b\u3053\u3068\u3001\u5148\u6e21\u4fa1\u683c\u3092\u4f7f\u3048\u3070\u914d\u5f53\u306e\u6709\u7121\u306b\u3088\u3089\u305a\u540c\u3058\u5f62\u306b\u306a\u308b\u3053\u3068\u3001\u305d\u3057\u3066\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u304c\u4fee\u6b63\u3055\u308c\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u8a18\u4e8b\u3067\u8a3c\u660e\u3059\u308b\u3053\u3068<\/h3>\n\n\n\n
    \n\n
  • THM-DIV-1<\/strong> \u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a\u3092\u6301\u3064\u8cc7\u7523\u3067\u306f\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u3092\u914d\u5f53\u3067\u5272\u308a\u5f15\u3044\u305f\u5024\u306b\u7f6e\u304d\u63db\u3048\u308b\u3053\u3068\u3067\u4fa1\u683c\u5f0f\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/li>\n\n\n
  • THM-DIV-2<\/strong> \u4fa1\u683c\u5f0f\u306f\u5148\u6e21\u4fa1\u683c\u3067\u66f8\u304d\u76f4\u305b\u307e\u3059\u3002\u3053\u306e\u5f62\u306f\u914d\u5f53\u306e\u6709\u7121\u306b\u3088\u3089\u305a\u5171\u901a\u3067\u3059\u3002<\/li>\n\n\n
  • THM-DIV-3<\/strong> \u914d\u5f53\u304c\u3042\u308b\u3068\u3001\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u306f\u539f\u8cc7\u7523\u3092\u5272\u308a\u5f15\u3044\u305f\u5f62\u306b\u4fee\u6b63\u3055\u308c\u307e\u3059\u3002<\/li>\n\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a\u3092\u7f6e\u304f<\/h2>\n\n\n\n

    \u4ee5\u4e0b\u306e\u4eee\u5b9a\u3092\u7f6e\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

      \n
    • \u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a<\/strong>: \u539f\u8cc7\u7523\u306f\u4e00\u5b9a\u306e\u5229\u56de\u308a <\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u3067\u9023\u7d9a\u7684\u306b\u914d\u5f53\u3092\u652f\u6255\u3046\u3002\u914d\u5f53\u306f\u518d\u6295\u8cc7\u3055\u308c\u308b\u3002<\/li>\n
    • \u96e2\u6563\u914d\u5f53<\/strong>: \u96e2\u6563\u7684\u306a\u914d\u5f53\u306f\u3001\u305d\u306e\u73fe\u5728\u4fa1\u5024 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u682a\u4fa1\u304b\u3089\u5f15\u3044\u305f <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u539f\u8cc7\u7523\u4fa1\u683c\u3068\u307f\u306a\u3057\u3066\u8fd1\u4f3c\u3059\u308b\u3002\u53b3\u5bc6\u306a\u6271\u3044\u306b\u306f\u3053\u3053\u3067\u306f\u8e0f\u307f\u8fbc\u307e\u306a\u3044\u3002<\/li>\n
    • \u91d1\u5229\u3068\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u4e00\u5b9a<\/strong>\u3002<\/li>\n
    • \u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u578b<\/strong>\u3002<\/li>\n<\/ul>\n\n\n\n

      \u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a <\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u3068\u306f\u3001\u682a\u30921\u5358\u4f4d\u4fdd\u6709\u3059\u308b\u3068\u3001\u5fae\u5c0f\u6642\u9593 <\/span>d<\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e\u3042\u3044\u3060\u306b <\/span>\u03b4<\/span>S<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>d<\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u539f\u8cc7\u7523\u3092\u4fdd\u6709\u3057\u7d9a\u3051\u308c\u3070\u914d\u5f53\u304c\u84c4\u7a4d\u3057\u307e\u3059\u304c\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6301\u3061\u4e3b\u306b\u306f\u84c4\u7a4d\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a <\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u306f\u539f\u8cc7\u7523\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u3092\u5f15\u304d\u4e0b\u3052\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306b\u7cfb\u7d71\u7684\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u539f\u8cc7\u7523\u3092\u5272\u308a\u5f15\u3051\u3070\u540c\u3058\u5f62\u306b\u306a\u308b<\/h2>\n\n\n\n
      \n

      \u5b9a\u7406 THM-DIV-1\uff08\u9023\u7d9a\u914d\u5f53\u306e\u3082\u3068\u3067\u306e\u4fa1\u683c\u5f0f\uff09<\/strong>\n\u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a <\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u3092\u6301\u3064\u539f\u8cc7\u7523\u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30b3\u30fc\u30eb\u4fa1\u683c\u306f<\/p>\n

      <\/span>C<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u3067\u3042\u308b\u3002\u305f\u3060\u3057<\/p>\n

      <\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>T<\/span><\/span><\/span><\/span><\/svg><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>log<\/span><\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>K<\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>r<\/span><\/span>\u2212<\/span><\/span>\u03b4<\/span><\/span>+<\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/2<\/span>)<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>\u03c3<\/span><\/span>T<\/span><\/span><\/span><\/span><\/svg><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span>.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u30d7\u30c3\u30c8\u306f <\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>\u2212<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>\u2212<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-DIV-2\uff08\u5148\u6e21\u4fa1\u683c\u306b\u3088\u308b\u66f8\u304d\u63db\u3048\uff09<\/strong>\n\u5148\u6e21\u4fa1\u683c <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>(<\/span>r<\/span>\u2212<\/span>\u03b4<\/span>)<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u7528\u3044\u308b\u3068<\/p>\n

      <\/span>C<\/span><\/span>=<\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span><\/span>F<\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u3068\u66f8\u3051\u308b\u3002\u305f\u3060\u3057<\/p>\n

      <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>T<\/span><\/span><\/span><\/span><\/svg><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>log<\/span><\/span>(<\/span>F<\/span>\/<\/span>K<\/span>)<\/span><\/span>+<\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>T<\/span>\/2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span><\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>T<\/span><\/span><\/span><\/span><\/svg><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u3053\u306e\u5f62\u306f <\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u3092\u967d\u306b\u542b\u307e\u305a\u3001\u914d\u5f53\u306e\u6709\u7121\u306b\u3088\u3089\u305a\u5171\u901a\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-DIV-3\uff08\u30d1\u30ea\u30c6\u30a3\u306e\u4fee\u6b63\uff09<\/strong>\n\u914d\u5f53\u304c\u3042\u308b\u5834\u5408\u306e\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u306f<\/p>\n

      <\/span>C<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u3067\u3042\u308b\u3002<\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u901a\u5e38\u306e\u30d1\u30ea\u30c6\u30a3 <\/span>C<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u623b\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u914d\u5f53\u306f <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u7f6e\u304d\u63db\u3048\u308b\u3053\u3068\u3067\u5438\u53ce\u3055\u308c\u307e\u3059\u3002\u5148\u6e21\u4fa1\u683c\u3067\u66f8\u3051\u3070\u914d\u5f53\u306f\u898b\u3048\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      \u8a3c\u660e\u3092\u8aad\u3080\uff08\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\uff09<\/summary>\n

      4. \u8a3c\u660e \u2015 \u8907\u88fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u914d\u5f53\u8fbc\u307f\u3067\u7d44\u307f\u76f4\u3059<\/h2>\n

      \u3053\u306e\u7bc0\u306f\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\u3002<\/p>\n

      THM-DIV-1 \u306e\u8a3c\u660e<\/h3>\n

      \u914d\u5f53\u306a\u3057\u306e\u5834\u5408\uff08\u7b2c70\u56de\uff09\u3001\u8907\u88fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f <\/span>\u0394<\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u306e\u539f\u8cc7\u7523\u3068 <\/span>B<\/span><\/span><\/span><\/span><\/eq> \u306e\u5b89\u5168\u8cc7\u7523\u3067\u69cb\u6210\u3055\u308c\u307e\u3059\u3002\u914d\u5f53\u3042\u308a\u306e\u5834\u5408\u3001\u539f\u8cc7\u7523\u3092 <\/span>\u0394<\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u4fdd\u6709\u3059\u308b\u3068\u3001\u5fae\u5c0f\u6642\u9593 <\/span>d<\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e\u3042\u3044\u3060\u306b <\/span>\u03b4<\/span>\u0394<\/span>S<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>d<\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e\u914d\u5f53\u53ce\u5165\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

      \u30ea\u30b9\u30af\u4e2d\u7acb\u6e2c\u5ea6 <\/span>Q<\/span><\/span><\/span><\/span><\/eq> \u306e\u3082\u3068\u3067\u3001\u539f\u8cc7\u7523\u306e\u5272\u5f15\u5f8c\u306e\u4fa1\u683c\u904e\u7a0b\u3092\u8003\u3048\u307e\u3059\u3002\u914d\u5f53\u3092\u518d\u6295\u8cc7\u3059\u308b\u6226\u7565\u3067\u306f\u3001\u6642\u523b0\u306b <\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u306e\u539f\u8cc7\u7523\u3092\u8cb7\u3044\u3001\u53d7\u3051\u53d6\u3063\u305f\u914d\u5f53\u3067\u8cb7\u3044\u5897\u3059\u3068\u3001\u6642\u523b <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u3061\u3087\u3046\u30691\u5358\u4f4d\u3092\u4fdd\u6709\u3057\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u6642\u523b <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b1\u5358\u4f4d\u306e\u539f\u8cc7\u7523\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u306e\u6642\u523b0\u3067\u306e\u4fa1\u5024\u306f <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

      \u30ea\u30b9\u30af\u4e2d\u7acb\u6e2c\u5ea6\u306e\u3082\u3068\u3067\u306f\u3001\u539f\u8cc7\u7523\u306e\u5272\u5f15\u4fa1\u683c <\/span>e<\/span><\/span>\u2212<\/span>r<\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u305d\u306e\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u914d\u5f53\u3092\u518d\u6295\u8cc7\u3057\u305f\u5834\u5408\u306e\u5272\u5f15\u4fa1\u5024 <\/span>e<\/span><\/span>\u2212<\/span>r<\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u03b4<\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u30de\u30eb\u30c1\u30f3\u30b2\u30fc\u30eb\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306b\u5b9a\u6570 <\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u305f <\/span>e<\/span><\/span>\u2212<\/span>r<\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>(<\/span>T<\/span>\u2212<\/span>t<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3082\u30de\u30eb\u30c1\u30f3\u30b2\u30fc\u30eb\u3067\u3059\u3002\u3064\u307e\u308a <\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>(<\/span>T<\/span>\u2212<\/span>t<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff08\u6642\u523b <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u3061\u3087\u3046\u30691\u5358\u4f4d\u306e\u539f\u8cc7\u7523\u306b\u306a\u308b\u4fdd\u6709\u306e\u4fa1\u5024\u3067\u3001\u6e80\u671f\u306b\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u4e00\u81f4\u3057\u307e\u3059\uff09\u3092\u65b0\u305f\u306a\u300c\u539f\u8cc7\u7523\u300d\u3068\u898b\u306a\u305b\u3070\u3001\u914d\u5f53\u306a\u3057\u306e\u5834\u5408\u3068\u5168\u304f\u540c\u3058\u8b70\u8ad6\u304c\u9069\u7528\u3067\u304d\u307e\u3059\u3002<\/p>\n

      \u914d\u5f53\u306a\u3057\u306e\u4fa1\u683c\u5f0f\u3067 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u7f6e\u304d\u63db\u3048\u307e\u3059\u3002<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30c9\u30ea\u30d5\u30c8\u9805\u306f <\/span>r<\/span><\/span>+<\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/2<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089 <\/span>r<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03b4<\/span><\/span>+<\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/2<\/span><\/span><\/span><\/span><\/eq> \u306b\u5909\u308f\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u30ea\u30b9\u30af\u4e2d\u7acb\u6e2c\u5ea6\u306e\u3082\u3068\u3067\u306e\u539f\u8cc7\u7523\u306e\u6210\u9577\u7387\u304c <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089 <\/span>r<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u306b\u4e0b\u304c\u308b\u3053\u3068\u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002\u914d\u5f53\u306e\u5206\u3060\u3051\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u304c\u6e1b\u308b\u306e\u3067\u3059\u3002<\/p>\n

      \u5177\u4f53\u7684\u306b\u3001\u914d\u5f53\u306a\u3057\u306e\u5f0f<\/p>\n

      <\/span>C<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>(<\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>(<\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3067 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2192<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u7f6e\u304d\u63db\u3048\u307e\u3059\u3002<\/span>N<\/span>(<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>(<\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u5f15\u6570\u306b\u542b\u307e\u308c\u308b <\/span>log<\/span><\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>K<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>log<\/span><\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>K<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>log<\/span><\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>K<\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u5909\u308f\u308a\u307e\u3059\u3002\u30c9\u30ea\u30d5\u30c8\u9805 <\/span>r<\/span><\/span>+<\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/2<\/span><\/span><\/span><\/span><\/eq> \u306b <\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306e\u5206\u304c\u3059\u3067\u306b\u542b\u307e\u308c\u308b\u306e\u3067\u3001\u6574\u7406\u3059\u308b\u3068<\/p>\n

      <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>T<\/span><\/span><\/span><\/span><\/svg><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>log<\/span><\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>K<\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>r<\/span><\/span>\u2212<\/span><\/span>\u03b4<\/span><\/span>+<\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/2<\/span>)<\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>T<\/span><\/span><\/span><\/span><\/svg><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002 \u220e<\/p>\n

      THM-DIV-2 \u306e\u8a3c\u660e<\/h3>\n

      \u5148\u6e21\u4fa1\u683c\u306f <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>(<\/span>r<\/span>\u2212<\/span>\u03b4<\/span>)<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3053\u308c\u306f\u300c\u914d\u5f53\u3092\u8003\u616e\u3057\u305f\u4fdd\u6709\u30b3\u30b9\u30c8\u3092\u3059\u3079\u3066\u7e54\u308a\u8fbc\u3093\u3060\u3001\u5c06\u6765\u306e\u5f15\u6e21\u3057\u4fa1\u683c\u300d\u3067\u3059\u3002\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u501f\u308a\u3066\u8cb7\u3044\u3001\u914d\u5f53 <\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308b\u306e\u3067\u3001\u6b63\u5473\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u306f <\/span>r<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

      THM-DIV-1 \u306e\u5f0f\u306b <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span>e<\/span><\/span>\u2212<\/span>(<\/span>r<\/span>\u2212<\/span>\u03b4<\/span>)<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span>e<\/span><\/span>(<\/span>\u03b4<\/span>\u2212<\/span>r<\/span>)<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u4ee3\u5165\u3057\u307e\u3059\u3002<\/p>\n

      <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span>e<\/span><\/span>(<\/span>\u03b4<\/span>\u2212<\/span>r<\/span>)<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3088\u3063\u3066<\/p>\n

      <\/span><\/span>C<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>F<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>F<\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span>K<\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>))<\/span>.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u5206\u5b50\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n

      <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>log<\/span><\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>K<\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>r<\/span><\/span>\u2212<\/span><\/span>\u03b4<\/span><\/span>+<\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/2<\/span>)<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>log<\/span><\/span>(<\/span>F<\/span>e<\/span><\/span>(<\/span>\u03b4<\/span>\u2212<\/span>r<\/span>)<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>K<\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>r<\/span><\/span>\u2212<\/span><\/span>\u03b4<\/span><\/span>+<\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/2<\/span>)<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>log<\/span><\/span>(<\/span>F<\/span>\/<\/span>K<\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>\u03b4<\/span><\/span>\u2212<\/span><\/span>r<\/span>)<\/span>T<\/span><\/span>+<\/span><\/span>(<\/span>r<\/span><\/span>\u2212<\/span><\/span>\u03b4<\/span><\/span>+<\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/2<\/span>)<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>log<\/span><\/span>(<\/span>F<\/span>\/<\/span>K<\/span>)<\/span><\/span>+<\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>T<\/span>\/2.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u304c\u6d88\u3048\u307e\u3057\u305f\u3002<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>log<\/span><\/span>(<\/span>F<\/span>\/<\/span>K<\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>T<\/span>\/2<\/span>)<\/span>\/<\/span>(<\/span>\u03c3<\/span><\/span>T<\/span><\/span><\/span><\/span><\/svg><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>\u03c3<\/span><\/span>T<\/span><\/span><\/span><\/span><\/svg><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u914d\u5f53\u306e\u6709\u7121\u306b\u3088\u3089\u305a\u540c\u3058\u5f62\u3067\u3059\u3002 \u220e<\/p>\n

      THM-DIV-3 \u306e\u8a3c\u660e<\/h3>\n

      \u30b3\u30fc\u30eb\u4fa1\u683c\u3068\u30d7\u30c3\u30c8\u4fa1\u683c\u306e\u5dee\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n

      <\/span><\/span>C<\/span><\/span>\u2212<\/span><\/span>P<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>\u2212<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>N<\/span>(<\/span>\u2212<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>N<\/span>(<\/span>d<\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>N<\/span>(<\/span>\u2212<\/span>d<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3092\u4f7f\u3044\u307e\u3059\u3002<\/span>N<\/span>(<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>N<\/span>(<\/span>\u2212<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>N<\/span>(<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>N<\/span>(<\/span>\u2212<\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>))<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3002\u540c\u69d8\u306b <\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>N<\/span>(<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>N<\/span>(<\/span>\u2212<\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>))<\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3002<\/p>\n

      <\/span>C<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089 <\/span>C<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u914d\u5f53\u306a\u3057\u306e\u30d1\u30ea\u30c6\u30a3\u306b\u623b\u308a\u307e\u3059\u3002\u914d\u5f53\u304c\u3042\u308b\u3068\u3001\u5de6\u8fba\u306e <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u5272\u308a\u5f15\u304b\u308c\u307e\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6301\u3061\u4e3b\u306f\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308c\u306a\u3044\u306e\u3067\u3001\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306e\u5dee\u306f\u539f\u8cc7\u7523\u306e\u300c\u914d\u5f53\u843d\u3061\u5f8c\u306e\u4fa1\u5024\u300d\u3068\u884c\u4f7f\u4fa1\u683c\u306e\u5272\u5f15\u5024\u306e\u5dee\u306b\u306a\u308a\u307e\u3059\u3002 \u220e<\/p>\n<\/details>\n\n\n\n

      5. \u53cd\u4f8b \u2015 \u96e2\u6563\u914d\u5f53\u306f\u9023\u7d9a\u8fd1\u4f3c\u3067\u5916\u308c\u308b<\/h2>\n\n\n\n

      CEX-DIV-1: \u914d\u5f53\u3092\u7121\u8996\u3057\u305f\u4fa1\u683c\u3068\u306e\u5dee<\/h3>\n\n\n\n

      <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>, <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>, <\/span>\u03c3<\/span><\/span>=<\/span><\/span><\/span><\/span>20%<\/span><\/span><\/span><\/span><\/eq>, <\/span>T<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\u5e74\u3002\u914d\u5f53\u5229\u56de\u308a <\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>\u3002<\/p>\n\n\n\n\n\n\n\n\n\n
      <\/th>\n\u914d\u5f53\u7121\u8996 (<\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>)<\/th>\n\u914d\u5f53\u3042\u308a (<\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>)<\/th>\n\u5dee<\/th>\n<\/tr>\n<\/thead>\n
      \u30b3\u30fc\u30eb<\/td>\n<\/span>10.4506<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>8.6525<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>+<\/span>1.7981<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
      \u30d7\u30c3\u30c8<\/td>\n<\/span>5.5735<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>6.7309<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>1.1574<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

      \u914d\u5f53\u3092\u7121\u8996\u3059\u308b\u3068\u30b3\u30fc\u30eb\u3092 <\/span>1.80<\/span><\/span><\/span><\/span><\/eq> \u9ad8\u304f\u8a55\u4fa1\u3057\u3001\u30d7\u30c3\u30c8\u3092 <\/span>1.16<\/span><\/span><\/span><\/span><\/eq> \u4f4e\u304f\u8a55\u4fa1\u3057\u307e\u3059\u3002\u914d\u5f53\u306f\u30b3\u30fc\u30eb\u306b\u4e0d\u5229\uff08\u539f\u8cc7\u7523\u304c\u4e0b\u304c\u308b\uff09\u3001\u30d7\u30c3\u30c8\u306b\u6709\u5229\uff08\u4e0b\u843d\u4fdd\u8b77\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u308b\uff09\u306b\u50cd\u304f\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n

      CEX-DIV-2: \u6a29\u5229\u843d\u3061\u65e5\u304c\u6e80\u671f\u76f4\u524d\u306b\u3042\u308b\u3068\u304d<\/h3>\n\n\n\n

      \u96e2\u6563\u914d\u5f53 <\/span>3.0<\/span><\/span><\/span><\/span><\/eq>\uff08<\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>\uff09\u30921\u56de\u3060\u3051\u652f\u6255\u3046\u5834\u5408\u3067\u3001\u6a29\u5229\u843d\u3061\u65e5\u306e\u4f4d\u7f6e\u3092\u5909\u3048\u3066\u9023\u7d9a\u8fd1\u4f3c\u3068\u6bd4\u3079\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n
      \u6a29\u5229\u843d\u3061\u65e5<\/th>\n\u96e2\u6563\u914d\u5f53\u306e\u4fa1\u683c<\/th>\n\u9023\u7d9a\u8fd1\u4f3c\u306e\u4fa1\u683c<\/th>\n\u8aa4\u5dee<\/th>\n<\/tr>\n<\/thead>\n
      \u6e80\u671f\u76f4\u524d\uff08<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>0.99<\/span><\/span><\/span><\/span><\/eq>\uff09<\/td>\n<\/span>8.7107<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>8.6525<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>0.0582<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
      \u6e80\u671f\u306e\u534a\u5206\uff08<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>0.50<\/span><\/span><\/span><\/span><\/eq>\uff09<\/td>\n<\/span>8.6696<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>8.6525<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>0.0171<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

      \u6a29\u5229\u843d\u3061\u65e5\u304c\u6e80\u671f\u76f4\u524d\u306b\u3042\u308b\u3068\u3001\u9023\u7d9a\u8fd1\u4f3c\u306e\u8aa4\u5dee\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u7b2c2\u7bc0\u306e\u8fd1\u4f3c\u3067\u306f\u3001\u96e2\u6563\u914d\u5f53\u306e\u5f71\u97ff\u306f\u682a\u4fa1\u304b\u3089\u5f15\u304f\u73fe\u5728\u4fa1\u5024 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3060\u3051\u3092\u901a\u3058\u3066\u5165\u308a\u307e\u3059\u3002\u6a29\u5229\u843d\u3061\u304c\u9045\u3044\u307b\u3069\u914d\u5f53\u306f\u9577\u304f\u5272\u308a\u5f15\u304b\u308c\u308b\u306e\u3067 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u5c0f\u3055\u304f\u306a\u308a\uff08<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>0.99<\/span><\/span><\/span><\/span><\/eq> \u3067 <\/span>2.8551<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>0.50<\/span><\/span><\/span><\/span><\/eq> \u3067 <\/span>2.9259<\/span><\/span><\/span><\/span><\/eq>\uff09\u3001\u9023\u7d9a\u8fd1\u4f3c\u304c\u5b9f\u8cea\u7684\u306b\u5dee\u3057\u5f15\u304f <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>2.9554<\/span><\/span><\/span><\/span><\/eq> \u3068\u306e\u958b\u304d\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u958b\u304d\u304c\u4fa1\u683c\u306e\u8aa4\u5dee\u3068\u3057\u3066\u6b8b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      CEX-DIV-3: \u914d\u5f53\u304c\u5927\u304d\u3044\u3068\u30a2\u30e1\u30ea\u30ab\u30f3\u30b3\u30fc\u30eb\u306e\u65e9\u671f\u884c\u4f7f\u304c\u6700\u9069\u306b\u306a\u308b<\/h3>\n\n\n\n

      \u914d\u5f53\u306a\u3057\u306e\u30a2\u30e1\u30ea\u30ab\u30f3\u30b3\u30fc\u30eb\u306f\u65e9\u671f\u884c\u4f7f\u3057\u306a\u3044\u3053\u3068\u304c\u77e5\u3089\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u914d\u5f53\u304c\u3042\u308b\u3068\u4e8b\u60c5\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      <\/span>S<\/span><\/span>=<\/span><\/span><\/span><\/span>110<\/span><\/span><\/span><\/span><\/eq>, <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>, <\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>8%<\/span><\/span><\/span><\/span><\/eq>, <\/span>\u03c3<\/span><\/span>=<\/span><\/span><\/span><\/span>20%<\/span><\/span><\/span><\/span><\/eq>\u3002\u6b8b\u5b58 <\/span>T<\/span><\/span>=<\/span><\/span><\/span><\/span>0.01<\/span><\/span><\/span><\/span><\/eq>\uff08\u6e80\u671f\u76f4\u524d\uff09\u3067\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n
      <\/th>\n\u884c\u4f7f\u4fa1\u5024<\/th>\n\u4fdd\u6709\u3057\u7d9a\u3051\u305f\u5834\u5408\u306e\u4fa1\u5024<\/th>\n<\/tr>\n<\/thead>\n
      \u914d\u5f53\u3042\u308a\uff08<\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>8%<\/span><\/span><\/span><\/span><\/eq>\uff09<\/td>\n<\/span>10.0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>9.9620<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
      \u914d\u5f53\u306a\u3057\uff08<\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\uff09<\/td>\n<\/span>10.0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>10.0500<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

      \u914d\u5f53\u5229\u56de\u308a8\u30d1\u30fc\u30bb\u30f3\u30c8\u306e\u5834\u5408\u3001\u4fdd\u6709\u3057\u7d9a\u3051\u305f\u5834\u5408\u306e\u30b3\u30fc\u30eb\u4fa1\u5024\u306f <\/span>9.96<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u884c\u4f7f\u4fa1\u5024 <\/span>10.0<\/span><\/span><\/span><\/span><\/eq> \u3092\u4e0b\u56de\u308a\u307e\u3059\u3002\u884c\u4f7f\u3057\u305f\u65b9\u304c\u5f97\u3067\u3059\u3002\u914d\u5f53\u306a\u3057\u306a\u3089\u4fdd\u6709\u4fa1\u5024 <\/span>10.05<\/span><\/span><\/span><\/span><\/eq> \u304c\u884c\u4f7f\u4fa1\u5024\u3092\u4e0a\u56de\u308a\u3001\u884c\u4f7f\u306f\u6700\u9069\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

      \u914d\u5f53\u304c\u5927\u304d\u3044\u3068\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u4fdd\u6709\u3057\u7d9a\u3051\u308b\u3042\u3044\u3060\u306b\u539f\u8cc7\u7523\u306e\u4fa1\u5024\u304c\u914d\u5f53\u3067\u524a\u3089\u308c\u307e\u3059\u3002\u6a29\u5229\u843d\u3061\u76f4\u524d\u306b\u884c\u4f7f\u3057\u3066\u682a\u3092\u624b\u306b\u5165\u308c\u3001\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\u65b9\u304c\u5408\u7406\u7684\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u914d\u5f53\u3092\u7121\u8996\u3059\u308b\u3068\u30b3\u30fc\u30eb\u306f\u9ad8\u304f\u3001\u30d7\u30c3\u30c8\u306f\u4f4e\u304f\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002\u96e2\u6563\u914d\u5f53\u306f\u6e80\u671f\u76f4\u524d\u306e\u6a29\u5229\u843d\u3061\u3067\u9023\u7d9a\u8fd1\u4f3c\u3068\u4e56\u96e2\u3057\u3001\u5927\u304d\u306a\u914d\u5f53\u3067\u306f\u65e9\u671f\u884c\u4f7f\u304c\u6700\u9069\u306b\u306a\u308a\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

      6. \u6570\u5024\u4f8b \u2015 \u914d\u5f53\u306e\u6709\u7121\u3067\u4fa1\u683c\u3092\u6bd4\u3079\u308b<\/h2>\n\n\n\n

      <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>, <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>, <\/span>\u03c3<\/span><\/span>=<\/span><\/span><\/span><\/span>20%<\/span><\/span><\/span><\/span><\/eq>, <\/span>T<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\u5e74\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u914d\u5f53\u306a\u3057\uff08<\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\uff09<\/strong>:<\/p>\n\n\n\n

      <\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.20<\/span><\/span><\/span><\/span><\/span><\/span><\/span>log<\/span><\/span>(<\/span>100\/100<\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>0.05<\/span><\/span>+<\/span><\/span>0.02<\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.20<\/span><\/span><\/span><\/span><\/span><\/span><\/span>0.07<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.35<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.35<\/span><\/span>\u2212<\/span><\/span>0.20<\/span><\/span>=<\/span><\/span>0.15.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n
      <\/span><\/span>C<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>100<\/span><\/span>\u00d7<\/span><\/span>N<\/span>(<\/span>0.35<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>100<\/span>e<\/span><\/span>\u2212<\/span>0.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00d7<\/span><\/span>N<\/span>(<\/span>0.15<\/span>)<\/span><\/span>=<\/span><\/span>10.4506.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u914d\u5f53\u5229\u56de\u308a3\u30d1\u30fc\u30bb\u30f3\u30c8\uff08<\/span>\u03b4<\/span><\/span>=<\/span><\/span><\/span><\/span>0.03<\/span><\/span><\/span><\/span><\/eq>\uff09<\/strong>:<\/p>\n\n\n\n

      <\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>d<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.20<\/span><\/span><\/span><\/span><\/span><\/span><\/span>log<\/span><\/span>(<\/span>100\/100<\/span>)<\/span><\/span>+<\/span><\/span>(<\/span>0.05<\/span><\/span>\u2212<\/span><\/span>0.03<\/span><\/span>+<\/span><\/span>0.02<\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.20<\/span><\/span><\/span><\/span><\/span><\/span><\/span>0.04<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.20<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>0.20<\/span><\/span>\u2212<\/span><\/span>0.20<\/span><\/span>=<\/span><\/span>0.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n
      <\/span><\/span>C<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>100<\/span>e<\/span><\/span>\u2212<\/span>0.03<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00d7<\/span><\/span>N<\/span>(<\/span>0.20<\/span>)<\/span><\/span>\u2212<\/span><\/span>100<\/span>e<\/span><\/span>\u2212<\/span>0.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00d7<\/span><\/span>N<\/span>(<\/span>0<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>97.04<\/span><\/span>\u00d7<\/span><\/span>0.5793<\/span><\/span>\u2212<\/span><\/span>95.12<\/span><\/span>\u00d7<\/span><\/span>0.5000<\/span><\/span>=<\/span><\/span>8.6525.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u5148\u6e21\u4fa1\u683c\u306b\u3088\u308b\u691c\u7b97<\/strong>:<\/p>\n\n\n\n

      <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span>e<\/span><\/span>(<\/span>0.05<\/span>\u2212<\/span>0.03<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>102.0201.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n
      <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>0.20<\/span><\/span><\/span><\/span><\/span><\/span><\/span>log<\/span><\/span>(<\/span>102.0201\/100<\/span>)<\/span><\/span>+<\/span><\/span>0.02<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.20.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n
      <\/span><\/span>C<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>e<\/span><\/span>\u2212<\/span>0.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>102.0201<\/span><\/span>\u00d7<\/span><\/span>N<\/span>(<\/span>0.20<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>100<\/span><\/span>\u00d7<\/span><\/span>N<\/span>(<\/span>0<\/span>))<\/span><\/span>=<\/span><\/span>8.6525.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u5148\u6e21\u4fa1\u683c\u3092\u4f7f\u3063\u305f\u5f0f\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u30d1\u30ea\u30c6\u30a3\u306e\u691c\u7b97<\/strong>:<\/p>\n\n\n\n

      <\/span><\/span>C<\/span><\/span>\u2212<\/span><\/span>P<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>e<\/span><\/span>\u2212<\/span>\u03b4<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span>e<\/span><\/span>\u2212<\/span>r<\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>8.6525<\/span><\/span>\u2212<\/span><\/span>6.7309<\/span><\/span>=<\/span><\/span>1.9216<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>97.04<\/span><\/span>\u2212<\/span><\/span>95.12<\/span><\/span>=<\/span><\/span>1.9216.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u4fee\u6b63\u30d1\u30ea\u30c6\u30a3\u304c\u6210\u308a\u7acb\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081: \u914d\u5f53\u5229\u56de\u308a3\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u30b3\u30fc\u30eb\u306f <\/span>1.80<\/span><\/span><\/span><\/span><\/eq> \u4e0b\u304c\u308a\u3001\u30d7\u30c3\u30c8\u306f <\/span>1.16<\/span><\/span><\/span><\/span><\/eq> \u4e0a\u304c\u308a\u307e\u3059\u3002\u5148\u6e21\u4fa1\u683c\u3067\u66f8\u3051\u3070\u540c\u3058\u5f62\u306e\u5f0f\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

      7. \u6b21\u56de\u3078 \u2015 \u5916\u8ca8\u306e\u91d1\u5229\u3092\u914d\u5f53\u3068\u307f\u306a\u3059<\/h2>\n\n\n\n

      \u914d\u5f53\u5229\u56de\u308a <\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u306f\u300c\u539f\u8cc7\u7523\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u3067\u5f97\u3089\u308c\u308b\u9023\u7d9a\u7684\u306a\u5229\u5f97\u300d\u3067\u3059\u3002\u6b21\u56de\uff08\u7b2c72\u56de\uff09\u3067\u306f\u901a\u8ca8\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u6271\u3044\u307e\u3059\u3002\u5916\u8ca8\u3092\u4fdd\u6709\u3059\u308b\u3068\u5916\u8ca8\u306e\u91d1\u5229\u304c\u4ed8\u304d\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u3061\u3087\u3046\u3069\u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a\u3068\u540c\u3058\u69cb\u9020\u3067\u3059\u3002\u4eca\u56de\u306e\u5f0f\u3067 <\/span>\u03b4<\/span><\/span><\/span><\/span><\/eq> \u3092\u5916\u8ca8\u91d1\u5229\u306b\u7f6e\u304d\u63db\u3048\u308c\u3070\u3001\u901a\u8ca8\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u5f0f\u304c\u76f4\u3061\u306b\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

      \u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 6 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n

      \u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n

      \u306a\u305c\u539f\u8cc7\u7523\u3092\u5272\u308a\u5f15\u304f\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

      \u914d\u5f53\u3092\u53d7\u3051\u53d6\u308c\u306a\u3044\u5206\u3060\u3051\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6301\u3061\u4e3b\u306f\u4e0d\u5229\u3060\u304b\u3089\u3067\u3059\u3002\u305d\u306e\u5206\u3092\u5dee\u3057\u5f15\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

      \u65e5\u672c\u682a\u306e\u914d\u5f53\u306f\u9023\u7d9a\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c<\/strong><\/p>\n\n\n\n

      \u8fd1\u4f3c\u3067\u3059\u3002\u6a29\u5229\u843d\u3061\u304c\u6e80\u671f\u306b\u8fd1\u3044\u3068\u8aa4\u5dee\u304c\u5927\u304d\u304f\u306a\u308b\u306e\u3067\u3001\u305d\u306e\u3068\u304d\u306f\u96e2\u6563\u3067\u6271\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

      \u914d\u5f53\u304c\u3042\u308b\u3068\u30d7\u30c3\u30c8\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

      \u306a\u308a\u307e\u3059\u3002\u539f\u8cc7\u7523\u306e\u5b9f\u8cea\u7684\u306a\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u306e\u3067\u3001\u4e0b\u843d\u306b\u5099\u3048\u308b\u6a29\u5229\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      \u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n
        \n\n
      1. Merton R. C.\u3001Theory of Rational Option Pricing\u3001The Bell Journal of Economics and Management Science\u30011973\u5e74\u3001DOI 10.2307\/3003143<\/li>\n\n\n
      2. Hull J. C.\u3001Options Futures and Other Derivatives\u3001\u7b2c11\u7248\u3001Pearson\u30012021\u5e74<\/li>\n\n<\/ol>\n\n\n\n
        \n\n\n\n

        \u6570\u5024\u4f8b\u306f compute.py<\/code> \u306b\u3088\u308a\u6d6e\u52d5\u5c0f\u6570\u70b9\u6f14\u7b97\u3067\u691c\u7b97\u6e08\u307f\u3002<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":"

        \u4f4d\u7f6e: \u7b2c7\u90e8 \u7b2c71\u56de \/ \u524d\u63d0: \u7b2c16\u56de\u3001\u7b2c49\u56de\u3001\u7b2c70\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u9023\u7d9a\u914d\u5f53\u306e\u3042\u308b\u682a\u3084\u682a\u4fa1\u6307\u6570\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u3092\u8a08\u7b97\u3067\u304d\u308b 0. \u7269\u8a9e \u2015 \u914d\u5f53\u3092\u7121\u8996\u3059\u308b\u3068\u4fa1\u683c\u304c\u305a […]<\/p>\n","protected":false},"author":1,"featured_media":209171,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[166],"class_list":["post-208579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-engineering","tag-fe-part6-black-scholes"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t